Bermuda-based Enstar Group Ltd recorded an 85 per cent increase in third-quarter profit.

The company posted net earnings of $49 million, or $2.53 per share, compared to $26.4 million, or $1.37 per share, in the corresponding quarter in 2014.

For the first nine months of the year earnings were $108.4 million compared to $107.8 million last year.

Enstar specialises in acquiring and managing businesses in run-off.

The firm saw a marked increase in net premiums earned — $231 million compared to $196 million in last year’s third quarter — and also investment income, which rose to $43.2 million compared to $28 million.

Realised and unrealised investment losses were $15.1 million, compared to last year’s $18.3 million loss.

Enstar’s shareholders’ equity at September 30 amounted to $2.44 billion, or $125.69 per share, as compared to $2.3 billion, or $119.22 per share at the end of last year.